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Wednesday, 3 August 2016

The competitive landscape in the healthcare mobility solutions market is highly fragmented due a large number of players. Transparency Market Research has identified McKesson Corporation, Cerner Corporation, and Philips Healthcare as the key players in this market as of 2014. “These players have a strong presence across Europe and North America,” reports the author of this research report.

To increase their geographical reach leading companies are also trying to expand their focus on inorganic expansion. For instance, Cerner Corporation joined hands with Truman Medical Centers (TMC) to collectively work with healthcare information technology to offer better care to patients and improved solutions to the medical fraternity.

The incorporation of multiple application platforms in new-age smartphones has made tech savvy users opt for medical attention through their personal digital assistants. The gap between the need of the patients and the medical help is being blurred by mobile applications that have improved response time, clinician decision making, and overall patient care.

The strong year-on-year increase in the penetration of smartphones and the accessibility to the Internet has thereby increased the deployment of healthcare mobility solutions. Furthermore, the growing acceptance of healthcare mobile solutions such as enterprise mobility platforms, mobile applications, and mobile devices is adding value to the efficiency and effectiveness of healthcare in remote areas.

Wireless Technologies Promote Usage of Healthcare Solutions

The healthcare mobility solutions market is also being fueled by the successful rollout of wireless technologies such as 3G, LTE-A, and LTE. The wide network of these advanced technologies that deliver high-speed, seamless connectivity, and effortless communication has allowed vendors in this market to offer groundbreaking healthcare solutions. The prompt two-way response between the medical professional and patient to save lives has only been possible due to the efficient rollout of LTE and LTE-A. This market will also be driven by the declining nursing staff and the shortage of centers to treat the ever-growing pool of patients.

However, developing regions of Latin America and Asia Pacific are expected to be attractive markets for these solutions. The unmet medical needs of patients across China, Brazil, South Africa, and India will not only offer a huge potential for growth to the companies operating in this market but also revolutionize the state of medical care in these regions. The soaring patient pool, increasing number of geriatrics, and the abnormal doctor-to-patient ratio are all expected to drive the demand for IT-enabled healthcare solutions in these regions.

Risk of Data Hacking and Identity Theft Prevents Market to Reach Full Potential

The issues faced in complete acceptance of healthcare mobility solutions are a threat to private information and security breaches. The potential risk of data hacking, identity theft, unauthorized access, and tampering with patient data is making both the medical fraternity as well as the patients skeptical about relying on these solutions.

Asia Pacific to Rise at Fastest CAGR

According to the research report, the global healthcare mobility solutions market was valued at US$20.13 bn in 2014 and is expected to reach US$148.66 bn by the end of 2023. During the forecast period of 2015 and 2023, the overall market will progress at a pace of 25.5% CAGR. The leading segment in the overall market will be mHealth application segment as analysts predict it will expand at a whopping CAGR of 25.6% during the forecast period. Geographically, Asia Pacific is expected to be the fastest growing segment due to a huge population base. This regional segment will grow at an impressive CAGR of 28.3%.